Oil prices rose in early trading on Friday, heading towards achieving weekly gains amid continuing tensions in the Middle East after Israel rejected a proposal from the Palestinian Hamas movement for a ceasefire.
Price action
By 0119 GMT, Brent crude futures rose eight cents, or 0.1 percent, to $81.71 per barrel, and US West Texas Intermediate crude futures rose 17 cents, or 0.2 percent, to $76.39 per barrel.
Oil prices jumped by about three percent in the previous session, with Israeli forces bombing the border city of Rafah in the southern Gaza Strip after Israeli Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Strip.
The tensions kept oil prices higher, and the two benchmarks were heading up 5.7 percent each during the week.
American officials launched their harshest criticism yet regarding the human losses among civilians in Gaza as a result of Israel’s operations, which has now shifted the focus of its attack to Rafah.
A Hamas delegation arrived in Cairo on Thursday to hold talks with mediators from Egypt and Qatar for a ceasefire.
Although the conflict led to higher prices, it had no impact on oil production.
2024-02-09 03:36:06
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